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Five Years

Weak but Steady Growth in Oil & Gas Tanker Fleet

The world fleet of oil, chemical and gas tankers is predicted to continue to grow over the next five years, although at a much more sluggish rate than the previous five years, according to a Shipbuilding Market Report issued this month by Lloyd’s Register - Fairplay (LR Fairplay). The oil tanker fleet, which currently stands at 7,516 ships, is expected to grow by 1.9 percent per year over the next five years in terms of the number of ships. Deadweight ton (dwt) capacity will rise by 5.7 percent annually over the same period, reflecting a movement toward larger ships. New shipbuilding orders for oil tankers will amount to 76 million dwt through the end of 2013, a 60 percent decrease from the shipbuilding binge of the last five years. “The volume of seaborne oil is set to grow next year, although not at the same pace as fleet capacity,” said Niklas Bengtsson, project manager and senior consultant for LR Fairplay. “The record number of shipbuilding orders in 2006 means that a large number of ships are being delivered to owners this year. The gap between supply and demand will therefore continue to grow, which is likely to generate an increasing fleet of idle vessels.” The chronic overcapacity in tanker tonnage will accelerate the scrapping of older ships. Removals of oil tankers through year-end 2013 will amount to 50 million dwt, which is up by 10 percent compared to the previous five years


Stratos Wins Protest of Five-Year Contract

The U.S. Court of Federal Claims in Washington, D.C. has granted the Stratos protest of a five-year U.S. Navy SPAWAR (Space and Naval Warfare) Inmarsat lease contract award to Comsat. The court ruled the contract awarded this past June was legally invalid, and required the U.S. Navy to retender its request for proposal for the five-year $111.9 million contract. The Court directed the Navy to conclude the recompetition by January 28, 2000.


Seadrill Secures Two New Tender Rig Contracts

Seadrill has been awarded a contract by Chevron for extension of the production drilling assignment for the self-erecting tender rig T4. The contract extension has a duration of five years. The estimated contract value is approximately $156m. The commencement of the new contract is scheduled for second quarter 2008 following a five-year survey after completion of the current contract. T4 is currently operating offshore Thailand.


Great Lakes Limestone Trade Down 9% in 2016

© James Pintar / Adobe Stock

Shipments of limestone on the Great Lakes totaled 26.3 million tons in 2016, a decrease of 9.3 percent compared to 2015, reported Lake Carriers’ Association (LCA). Loadings in 2016 were also 5.3 percent below the trade’s five-year average.   Loadings from U.S. quarries totaled 21.4 million tons, a decrease of nearly 13 percent compared to 2015, according to LCA. Shipments from U.S. quarries also trailed their five-year average by 8.6 percent.  


Cammell Laird Begins ‘Second Chapter’ of RFA Cluster Contract

CammellLairdApprentices.jpg

Merseyside shipyard and engineering firm Cammell Laird has formally started the second five year cycle of its biggest single contract. Work began in June 2013 on the second period of Cammell Laird’s through-life support cluster contract to maintain nine of the 13 ships in the Royal Fleet Auxiliary (RFA) flotilla.  The cluster contract was first awarded to Cammell Laird in 2008 and following reviews of performance and value for money the contract was extended for a further five


Jack-up Rig Deal Agreed by NADL & Ship Finance

West Linus: Photo courtesy of Seadrill

North Atlantic Drilling ("NADL") and Ship Finance International Limited ("Ship Finance") agree a combined a combined sale & leaseback arrangement for the harsh environment jack-up rig 'West Linus'. Ship Finance will acquire the harsh environment jack-up drilling rig West Linus from a subsidiary of NADL.  The West Linus is currently under construction at Jurong Shipyard in Singapore with scheduled delivery in December 2013.


MR Tankship Market Analysis: Second-Hand Price-Rise Outstrips Newbuild

MR2 Tanker Values: Image McQuilling Services

In their latest analysis, shipbrokers & marine transport consultants, McQuilling Services, in their latest analysis discuss observations, current and historical, for the clean tanker market, specifically MR tankers. The report concludes that they believe the current MR secondhand asset market will adjust to reflect the weak TCE (Time Charter Equivalent) environment over the longer term. Excerpts as follows: " In Figure 1 [shown here] we display the price movements over the last 15


Ultra-Deepwater Cajun Express Contract

Transocean Ltd. (NYSE:RIG) announced that the Board of Directors of Petroleo Brasileiro S.A. (Petrobras) has approved the award of a three-year contract for the ultra-deepwater semisubmersible rig Cajun Express for operations in Brazil. Petrobras has the right within one year of contract execution to convert the three-year contract to a five-year contract. Estimated contracted revenues related to the three-year contract term and five-year contract term, if elected, are approximately $558


US Ocean & Coastal Shipping Market Report

A decline in demand for freight transportation leads IBISWorld to update its market report on US Ocean & Coastal Transportation. The transportation sector provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The deep-sea shipping activity includes US flagged vessels and non-US flagged vessels. Marine transportation establishments using the facilities of the St. Lawrence Seaway Authority Commission are considered to use the Great Lakes water


U.S. Merchant Marine Academy Welcomes Class of 2017

The U.S. Merchant Marine Academy welcomed its incoming Class of 2017, consisting of 238 plebe candidates from across the country. Upon arrival, the Congressionally-nominated future Midshipmen began a rigorous, 18-day regimen of academic, military and physical training known as Indoctrination (INDOC), their first step toward becoming future leaders and licensed maritime officers. “The new plebe candidates make up one of the most diverse classes in Academy history


Svitzer Bags FSRU Support Contract in Bangladesh

 Svitzer Bags FSRU Support Contract in Bangladesh   Svitzer will provide marine support services for the Excelerate Energy FSRU at Bangladesh’s first liquefied natural gas (LNG) import terminal.   Excelerate Energy Bangladesh Limited awarded Svitzer the 15-year contract


Hyundai Heavy Industries Debuts ‘Smart Ship’ Solution

Glovis Challenge, 6,500 PCTC with Integrated Smart Ship Solution (ISSS). (Photo: HHI)

South Korean shipbuilder Hyundai Heavy Industries (HHI) said it has developed proprietary ICT technology capable of realizing economical and reliable navigation and management of ships: Integrated Smart Ship Solution (ISSS).   HHI said the solution provides a wide range of ship information


Canada Extends St. Lawrence Seaway Agreement

Canadian transport minister Marc Garneau announced a five-year extension to the Government of Canada’s agreement with the St. Lawrence Seaway Management Corporation to manage, maintain and operate the Seaway. This extends the existing agreement until March 31, 2023


Qatar to Maintain Dominance in Global LNG Market

Photo: Qatargas Operating Company Limited

 Qatar will maintain its dominance over the global liquefied natural gas market despite increased supply from Australia and the United States, the weekly report by Qatar National Bank (QNB) said.   A report in The Penisula quoting QNB said that Qatar currently accounts for 30


US to be World's Biggest LNG Exporter by 2022

Pic: Shell

 The International Energy Agency predicted that the US will become the world's No. 2 exporter of liquefied natural gas by the end of 2022 with a capacity of 3.7 trillion cubic feet per year, second only to Australia.  The U.S. is already the world's largest producer of natural gas


Great Lakes Limestone Trade Slides in June

© haveseen / Adobe Stock

 Shipments of limestone on the Great Lakes totaled 3,455,019 tons in June, a decrease of 7.3 percent compared to a year ago, the Lake Carriers’ Association (LCA) reported. June’s loadings were also 8.9 percent below the month’s five-year average.  


WorleyParsons Wins Contract from Saudi Aramco for Marjan Oilfield

Australia's WorleyParsons has won a contract from state oil firm Saudi Aramco to conduct engineering and design work for offshore facilities and pipelines for the expansion of the Marjan oilfield in Saudi Arabia, industry sources told Reuters.


DryShips VLGC Commences Time Charter

DryShips Inc., an owner of ocean going cargo vessels, announced that on June 29, 2017, its first very large gas carrier (VLGC) commenced its time charter on a fixed rate with five years firm duration to an oil major.   The charterer has options to extend the firm employment period by up to


d’Amico's Entire Fleet is MRV Compliant

Cielo di Salerno (Photo: d’Amico Group)

RINA Services has verified that the entire fleet of the d’Amico Group has met the Monitoring, Reporting and Verification of CO2 emissions Regulation (MRV) requirements according to EU 2015/757 Regulation. The fleet comprises 36 vessels which are managed by d’Amico Società di


Weak US Imports Push European Gasoline East

© Evren Kalinbacak / Adobe Stock

Unusually bloated gasoline inventories in the U.S. during peak summer driving season has kept the transatlantic arb barely workable. EIA data indicates that gasoline imports into the U.S. East Coast (PADD 1) for June averaged 549 kb/d so far, down by 15.4 percent m-o-m


Statoil Awards Contracts to Five Ship Owners

Skandi Mongstad at the Norne field (October 2013). File Photo: Statoil

 Norwegian oil firm Statoil has awarded contracts to five separate ship owners. The award by Statoil covers seven supply vessels at a total contract value of NOK 3.1 billion (USD 370 million), including options.   All vessels will be equipped with hybrid battery operation


Ballast Water Convention Fate in the Balance -Coldharbour CEO

Andrew Marshall (Photo: Coldharbour)

Delegates at the IMO’s Marine Environment Protection Committee 71, due to gather in London during the first week of July, may well have the last chance to ensure that the long-delayed Ballast Water Convention is implemented, as intended


Lenders Ramp up Pressure on 'Toxic' Shipping Debt

Financiers are set to take a tougher stance towards distressed shipping loans including more enforcement action to recoup funds, while capital on offer to the industry is expected to shrink further, a leading transport survey showed on Wednesday.  


Cargotec Refinances EUR 300 mln Credit Facility

Photo: Cargotec

 Cargotec Corporation entered into an EUR 300 million multicurrency revolving credit facility with a syndicate of its six relationship banks on 26th June.    The facility carries a tenor of five years including two one-year extension options


Oil Supply Growth to Outpace Rise in Consumption in 2018

© namning / Adobe Stock

Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency said on Wednesday.   The Paris-based IEA said production outside the






 
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